It’s a fact: We all need sleep! Yet achieving quality rest remains a challenge for many. This common struggle has driven rapid growth in the sleep industry. Last year, sleep-related products reached a record high of $585 billion. This includes everything from mattresses to supplements to tech gadgets to wellness routines. It’s clear that people are investing heavily in their quest for better sleep.
Sleep is essential to good health. The more health-conscious we become, the more we focus on improving our sleep quality. Let’s explore the scope of the sleep economy. How much people are spending on sleep-related products and services, and what are they?
The Booming Sleep Industry
The growth of the sleep industry extends far beyond sleeping pills and supplements. It encompasses a wide range of sleep wellness products. Trends such as sleep-tracking apps and smart mattresses have surged in popularity. These products create a more tailored sleep experience for each individual. They generally fall into one of three categories: treatments, routine disruptors, and nesting.
Treatments
“Treatments” include prescription and over-the-counter medications, devices, and wellness-tourism.
- About 90 million Americans snore—and about half of them have a type of sleep apnea. To combat this issue, many use CPAP machines to regulate breathing during sleep. (Click here to learn more about these devices and talk with your doctor if you have concerns). This year alone, sleep apnea devices have an estimated global worth of $13.5 billion!
- Sleeping pills and supplements are another major player in the sleep economy. Roughly 1 in 7 Americans suffer from insomnia. Approximately 1 in 3 people over the age of 65 rely on some type of sleep medication. This greatly contributes to the sleep industry’s growth. One of our largest generations, the Baby Boomers, are now 65 or older. As lifespans continue to increase, there is greater demand for sleeping supplements.
- Treatments can even include the hospitality industry and the global wellness-tourism market. This TIME article recaps the author’s stay at a sleep retreat. The premise is to train your body to get a good night’s sleep. “It’s a vacation with a purpose, and it’s one big appeal.”
Routine Disrupters
This category includes sleep trackers and gadgets, dietary adjustments, sleep, and meditation programs. There are quite a few ways to combat sleep disruptors.
- Sleep trackers have been on a steady rise. So much so, there’s even a need for consumers to research the best product offering for their needs. What might work for someone, may not work for another. Read to the next section for more about sleep trackers.
- Diet plays a large role in your quality of sleep. For instance, diets low in fiber, high in saturated fat, or high in sugar can link to non-restorative sleep. Not eating enough fat, carbohydrates, or protein has equated to a lesser sleep quality. How does changing your dietary habits contribute to the sleep economy. Well, are you using an app? Or reading a book on diet, sleep habits, or exercise?
- Sleep and meditation programs are of the plenty. A simple Google search offers an endless list of apps and videos that can aid in “winding down.” This is what helps your body prepare for sleep and improves overall sleep quality.
Nesting
Love cozy new pajamas? A cooling pillow and bed topper? Or a cooling mattress pad that also tracks your sleep? What about a smart mattress? A fuzzy sleep mask to block the light? Have you tried a weighted blanket? Do you seek amazing sheets to snuggle up in? All these ideas play into the “nesting” component of sleep wellness. And of course, affect sleep economy trends.
Why Sleep Has Become a Multi-Billion Dollar Market
Scientific research heightened our awareness of sleep’s impact on mental and physical health. This has increased demand for personalized sleep solutions. With improved targeted marketing, it’s easier than ever for people to find what they need. In light of this, the growth of new sleep products, from all categories, has been extensive.
Sleep Trackers
Sleep trackers are hot, and companies are giving them a shot. Sleep trackers let users see which habits negatively affect their sleep. This allows them to adjust their habits accordingly. 1/3rd of Americans have tried one, and these devices often cost a few hundred dollars. Some projections suggest that by 2028, sleep trackers will be an $11.2 billion business.
There are dozens upon dozens of different sleep trackers. Everything from wearables (for hands, wrists, fingers, or heads) to sensors and smart mattresses to smartphone trackers. How do you choose the right one? It can come down to comfort - i.e., can you stand to wear one while you sleep? And what can you afford? Wearables range in the hundreds.
Mattresses
The mattress industry doubled between 2017 and 2021—from $8 billion to $16 billion. It’s also largely shifted sales from the in-person mattress store to ecommerce retailers. With all the time we spend online and on social media, we are bound to see influencers with the latest and greatest. Of course, we suggest the customizable comfort of the Francis Lofts & Bunks mattress.
Catching Those ZZZs
Information about sleep can dominate many bookshelves on its own. With the growth of the sleep industry, it’s hard not to find “help” achieving restorative, quality sleep. After all, we need to sleep to be productive and reach optimal performance. Sleep is personal, and it’s different for everyone. If you’re unsatisfied with your sleep, there may be a product out there that can help you!
To find out the recommended amount of sleep for your age group, visit the CDC here. If you have concerns about your sleep and health, consult your doctor.
Quality Sleep Requires a Quality Bed
Do you wonder what could be next for sleep economy trends? What comes after “smart” pillows and mattresses? One thing is for sure: To enjoy quality sleep, everyone needs a quality bed.
But not everyone has a large, open space to work with, or a large home with many bedrooms. That doesn’t mean you don’t deserve (or need) to get proper rest. Our Adult Loft Beds provide unmatched durability, support, and functionality. Get great sleep, no matter how much space you have to work with.
